NIO exceeded its target of 3400 to 3600 units for the first quarter of 2020 as contained in the 2019 Q4 financial report guidelines, the company delivered a total of 3838 units in the first quarter of 2020. For March 2020 alone, updated delivery data reported the delivery of 1533 cars, a 11.7% increase in year-on-year and 116.8% hike from month-on-month. Counting back to June 2018, NIO has made 35,551 deliveries which include 20,675 of ES8 and 15,076 ES6 cars.
Data from the CPCA revealed that the averaged daily passenger car sales in the first three weeks of March totaled 21,186 units in China, an improvement over February though a 45% decrease in year-on-year. The capacity of Chinese automakers is still recovering from the disruption caused by the COVID-19 epidemic. NIO founder, Li Bin, thanked their supply chain partners for their support and noted that NIO’s orders are on the uptick.
NIO insiders revealed that the first quarter and March results stem mainly from the company’s products and services that have gained the trust of consumers. The company has also refined its supply chain management in the midst of the pandemic.
NIO noted that the company’s new order level for the first quarter of 2020 has rebounded to 70% of the level in December 2019. With new energy vehicles and purchase tax exemption policies extended to 2022 by the State Council, there is renewed market confidence for the company to perform well this year.
NIO has also opened 87 stores nationwide (22 NIO House and 65 NIO Space) as of March 2020, with a sales network spanning 60 cities all over China. Coupled with policy support, improved system efficiency, expansion of the NIO Space store, and the imminent delivery of the new ES8 this April, the year 2020 looks bright for NIO.